51A-9-1. "Bank service corporation" and "bank services" defined.

Terms as used in this chapter mean:

(1)    "Bank service corporation," any corporation organized to perform bank services for one or more banks, each of which owns part of the capital stock of such corporation.

(2)    "Bank services," activities which are a part of the business of banking or incidental thereto, including the servicing of mortgages and loans; the leasing of personal property; the operation of travel agencies; the operation of credit bureaus or collection or billing agencies; check and deposit sorting and posting; computation and posting of interest and other charges; preparation and mailing of checks, statements, notices and similar items; any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a bank; or such other related activities as the commission may by rule determine to be part of the business of banking, provided that the receipt of deposits and the making of loans are not bank services for the purpose of this chapter.

Source: SL 1963, ch 29, § 1; SDCL, § 51-9-1; SL 1969, ch 11, § 7.1; SL 1970, ch 265, § 40; SL 1988, ch 377, § 132; SDCL, § 51-21-1.

51A-9-2. Investment in bank service corporation.

Any bank shall have power to purchase capital stock, bonds, debentures, or other such obligations of a bank service corporation.

Source: SL 1963, ch 29, § 2; SDCL, § 51-9-3; SL 1969, ch 11, § 7.2; SDCL, § 51-21-2.

51A-9-3. Authority of bank service corporation.

No bank service corporation may engage in any activity other than the performance of bank services for banks.

Source: SL 1963, ch 29, § 3; SDCL, § 51-9-2; SL 1969, ch 11, § 7.3; SDCL, § 51-21-3.

51A-9-4. Ownership of bank or bank holding company stock prohibited.

No bank service corporation may purchase, hold or acquire the capital stock of any state or national bank or of any bank holding company.

Source: SL 1970, ch 265, § 41; SL 1988, ch 377, § 133; SDCL, § 51-21-3.1.

51A-9-5. Examination of bank services.

Any bank services performed by a bank service corporation for any bank, whether on or off the premises of such bank, shall, as to such bank, be subject to regulation and examination to the same extent as if such bank services were performed by the bank itself on the premises of such bank.

Source: SL 1963, ch 29, § 6; SDCL, § 51-9-4; SL 1969, ch 11, § 7.4; SDCL, § 51-21-4.